Purchasing a home is a huge decision that requires you look beyond the aesthetics of a house, or if the neighborhood has a pool and what type of neighbors or school district you may be in.

There many questions you will need answers to will guide your decision. Consider the following when deciding if you should buy a home or rent one.

• Is ownership the best choice for long-term financial health?
• Can I afford the down payment?
• Will I need more space for my family?
• Can I afford the size of home I need in a safe neighborhood?
• How long will I stay in my new home; two years, five years, forever?
• Am I willing to buy a fixer-upper that I can design, remodel and can I do some of the work myself over time?
• Is it important to me to be able to change the look of my residence into a home that reflects my lifestyle?

When it comes to buying vs renting, financial experts will tell you that in the long run, owning a home makes better financial sense than renting. Each mortgage payment is similar to an investment and your home should be gaining value. Once it is completely paid, you own a building that is worth more than your financial investment. Returns like this usually can’t be seen unless you are staying in the home more than five years.

Beyond investment and returns, there are other aspects of home ownership that you should consider before deciding between renting and buying a home. Paying for a home is not just the cost of the mortgage payment. There are other fees associated such as taxes, insurance and maintenance costs.